Insights
October 17, 2017
Financial abuse of senior citizens is a growing trend as more and more Americans are living longer. All the wise steps financial advisors recommend to working adults saving for retirement can backfire...
June 21, 2017
Pensions are the primary means of support for about one-half of Americans of retirement age or older. This income—set aside throughout the course of a lifetime of employment and work—is often suppleme...
September 30, 2016
According to a recent Investment News article , First Heartland Capital broker Jerome Scott Krause must pay $600,000 in damages to an elderly Wisconsin couple. The couple alleged Krause abused his pos...
September 27, 2016
The SEC charged an ex-microcap CEO and a boiler room operator with pressuring senior citizens and other investors to purchase penny stocks in a $20 million fraud. Craig V. Sizer is the former CEO of S...
July 20, 2016
FINRA barred broker Bernard McGee and ordered him to pay about $250,000 in penalties for fraudulent annuity recommendations he made to an elderly customer. According to FINRA, he surrendered four vari...
July 18, 2016
The FINRA Board of Governors elected John Brennan as its new chairman last week. Brennan, an ex-chief executive and currently chairman emeritus and senior adviser at Vanguard Group, will start his new...
July 1, 2016
As of today, laws in Alabama, Indiana, and Vermont require financial advisers to report suspected financial abuse of the elderly and other vulnerable adults to state officials. These states’ leg...
February 4, 2016
In July 2014, Michael Winegar, formerly a broker with Wedbush Securities, allegedly convinced an elderly customer to pay him $100,000. Winegar told the 85-year-old customer that he would use th...
January 8, 2016
William Galvin, secretary of the commonwealth of Massachusetts, has charged a securities firm operating at Citizens Bank locations with “dishonest and unethical conduct” for selling an eld...
December 11, 2015
A FINRA arbitration panel awarded over $1 million to an elderly woman who claim to be ripped off by an ex-Morgan Stanley broker. Arbitrators recently found for Genevieve Lenehan, giving her punitive a...
July 21, 2015
A Miami broker defrauded investors by siphoning money from retirees’ investments through a Ponzi scheme. The SEC alleges the adviser conducted a Ponzi scheme with money he raised for the Sterling Inve...
April 9, 2015
Securities regulators from New Hampshire want LPL Financial to pay $3.6 million in fines and repayments to investors for allegedly unsuitable sales of real estate investments to elderly clients. The N...
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